Macquarie Infrastructure Debt Investment Solutions has closed a €90m debt investment in a 127MW portfolio of solar farms in Spain.
The portfolio is owned by Spanish solar developer Grupo T-Solar and comprises 23 ground-mounted projects located across the country.
Macquarie’s investment was made via 18-year, amortising, fixed-rate, senior secured bonds on behalf of its global infrastructure debt strategy.
It was the single-largest lender in Grupo T-Solar’s €568m portfolio refinancing and worked closely together with Deutsche Bank and Santander, the mandated lead arrangers and global coordinators of the issuance for the sponsor.
Macquarie Infrastructure Debt Investment Solutions managing director Tom van Rijsewijk said: “We are delighted to be supporting Spain’s transition to a new energy mix – partnering with leading sponsors like Grupo T-Solar to provide institutional investors with attractive opportunities in sustainable infrastructure debt.
“A transaction of this size, with MIDIS as the largest participant, demonstrates continued investor confidence in the market against a backdrop of positive regulatory developments, and MIDIS’ strength in the Euro renewables market.”
Grupo T-Solar chief financial officer Manuel Fernandez Duran said: “As we lead the development of new green infrastructure around the world, it is vital that we have strong and effective partners to support the execution of our growth strategy.
“Macquarie has been a constructive partner throughout this transaction, and we trust that this will be the beginning of a long and positive relationship between our two firms.”
Since 2012, Macquarie Infrastructure Debt Investment Solutions has invested €2.5bn of infrastructure debt across more than 35 renewable energy projects with total installed capacity of approximately 12.8GW.